PTC Announces Third fiscal Quarter 2023 Results

 

PTC Inc.

NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS (UNAUDITED)

(in thousands, except per share data)













Three Months Ended



Nine Months Ended


June 30,



June 30,



June 30,



June 30,


2023



2022



2023



2022












GAAP gross margin

$

426,488



$

360,479



$

1,225,283



$

1,134,972

Stock-based compensation


5,847




8,429




15,668




18,665

Amortization of acquired intangible assets included in cost of revenue


9,841




6,596




25,817




19,010

Non-GAAP gross margin

$

442,176



$

375,504



$

1,266,768



$

1,172,647












GAAP operating income

$

109,900



$

79,977



$

337,340



$

301,345

Stock-based compensation


53,818




49,420




147,568




133,283

Amortization of acquired intangible assets


20,511




15,527




55,169




44,875

Acquisition and transaction-related charges


795




6,355




18,484




11,308

Restructuring and other charges (credits), net


(39)




4,458




(376)




36,887

Non-GAAP operating income (1)

$

184,985



$

155,737



$

558,185



$

527,698












GAAP net income

$

61,398



$

70,476



$

199,937



$

206,244

Stock-based compensation


53,818




49,420




147,568




133,283

Amortization of acquired intangible assets


20,511




15,527




55,169




44,875

Acquisition and transaction-related charges


795




6,355




18,484




11,308

Restructuring and other charges (credits), net


(39)




4,458




(376)




36,887

Non-operating charges (credits), net (2)


-




(32,801)




5,147




2,046

Income tax adjustments (3)


(18,830)




1,052




(52,506)




(43,617)

Non-GAAP net income

$

117,653



$

114,487



$

373,423



$

391,026












GAAP diluted earnings per share

$

0.51



$

0.60



$

1.68



$

1.75

Stock-based compensation


0.45




0.42




1.24




1.13

Amortization of acquired intangibles


0.17




0.13




0.46




0.38

Acquisition and transaction-related charges


0.01




0.05




0.16




0.10

Restructuring and other charges (credits), net


(0.00)




0.04




(0.00)




0.31

Non-operating charges (credits), net (2)


-




(0.28)




0.04




0.02

Income tax adjustments (3)


(0.16)




0.01




(0.44)




(0.37)

Non-GAAP diluted earnings per share

$

0.99



$

0.97



$

3.14



$

3.31












(1) Operating margin impact of non-GAAP adjustments:












Three Months Ended



Nine Months Ended


June 30,



June 30,



June 30,



June 30,


2023



2022



2023



2022

GAAP operating margin


20.3

%



17.3

%



21.8

%



21.1

Stock-based compensation


9.9

%



10.7

%



9.5

%



9.4

Amortization of acquired intangibles


3.8

%



3.4

%



3.6

%



3.1

Acquisition and transaction-related charges


0.1

%



1.4

%



1.2

%



0.8

Restructuring and other charges (credits), net


0.0

%



1.0

%



0.0

%



2.6

Non-GAAP operating margin


34.1

%



33.7

%



36.0

%



37.0












(2) In the nine months ended June 30, 2023, we recognized $4.2 million of financing charges for a debt commitment agreement associated with our acquisition of ServiceMax. Credits for Q3'22 include a $29.8 million gain on the sale of a portion of our PLM services business, and a $3.0 million gain on sale of an investment. Net charges for the nine months ended June 30, 2022 include a $34.8 million expense recognized due to the reduction in value of an equity investment in a publicly-traded company, offset by a $29.8 million gain on the sale of a portion of our PLM services business, and a $3.0 million gain on sale of an investment.


(3) Income tax adjustments reflect the tax effects of non-GAAP adjustments which are calculated by applying the applicable tax rate by jurisdiction to the non-GAAP adjustments listed above. In Q3'22, adjustments include tax expense of $15.5 million related to the sale of a portion of our PLM service business, of which $8.1 million pertains to the basis difference on goodwill.



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